FinTech startup MNT Halan has raised $400M in equity and debt financing from local and global investors. The round includes $260M in equity financing, part of which was provided by Abu Dhabi–based Chimera Investments, and $140M through two securitized bond issuances. Founded in 2018 by Mounir Nakhla and Ahmed Mohsen, MNT Halan’s digital ecosystem connects consumers, merchants, and micro-enterprises with business loans, consumer finance, payments, BNPL, and E-commerce offerings.
In 2021, Halan entered into a swap agreement with MNT Investments, a microlending platform, to provide financing solutions to the underbanked and unbanked. The leveraged buyout deal saw both companies adopt a new name: MNT-Halan. “We’re capitalizing on our existing distribution through million-plus customers and adding services within our ecosystem,” the chief executive told TechCrunch in an interview. “If you need a loan for your business, we’re going to give you one; you need a loan for consumption, we’re going to give you one; you need to order groceries or buy a mobile phone on our platform, we’ll deliver it to you via our e-commerce stores. Also, we can give them the credit they can use to make all of these purchases within the ecosystem.”
The company plans to expand internationally after solid growth in Egypt and progress on the swap agreement between super app Halan and Netherlands-based microlending platform MNT Investments. The company also wants to extend grocery shopping — in addition to other e-commerce stores selling electronics and personal items — to individual customers. “We are thrilled to be part of Egypt’s greatest fintech success story,” said Seif Fikry, CEO of Chimera Abu Dhabi, in a statement. MNT-Halan’s upward trajectory and momentum reflect the management team’s realization of its extraordinary vision to transform a high-touch business by seamlessly infusing an unparalleled proprietary tech platform while increasing product depth for its target customer segment.”
Also Read: Top 9 Middle Eastern Fintech Anticipated to Grow in 2023
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Last Updated on May 23, 2023 by Safiya K
